Okeanis Eco Tankers (NYSE:ECO) Trading 4% Higher - Time to Buy?

Key Points

• Okeanis Eco Tankers shares rose 4% to about $82.93, despite trading well above the analyst consensus price target of $59.52. The stock carries a “Moderate Buy” consensus rating, with recent upgrades from several research firms.
• The company reported strong quarterly results, with EPS of $5.91 beating estimates by $1.30 and revenue of $268.14 million exceeding expectations. Analysts project full-year EPS of $15.33.
• Okeanis increased its quarterly dividend to $5.25, implying a 25.5% annualized yield, but its dividend payout ratio is an elevated 195.9%. An insider also sold 68,420 shares at approximately $59.99 each.

Okeanis Eco Tankers Corp. (NYSE:ECO - Get Free Report) shares traded up 4% during trading on Tuesday . The company traded as high as $82.46 and last traded at $82.9250. 376,122 shares traded hands during trading, a decline of 24% from the average session volume of 496,113 shares. The stock had previously closed at $79.72.

Analyst Ratings Changes

ECO has been the subject of a number of analyst reports. Weiss Ratings raised Okeanis Eco Tankers from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, September 9th. Zacks Research upgraded shares of Okeanis Eco Tankers from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 11th. Wall Street Zen upgraded shares of Okeanis Eco Tankers from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 8th. Finally, Pareto Securities lowered shares of Okeanis Eco Tankers from a "buy" rating to a "hold" rating and set a $57.50 price target on the stock. in a research report on Monday, May 25th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $59.52.

Okeanis Eco Tankers Price Performance

The business's fifty day simple moving average is $62.34 and its 200-day simple moving average is $55.17. The company has a current ratio of 4.43, a quick ratio of 4.13 and a debt-to-equity ratio of 0.76. The firm has a market cap of $3.21 billion, a P/E ratio of 7.67 and a beta of -0.11.

Okeanis Eco Tankers (NYSE:ECO - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $5.91 earnings per share for the quarter, beating the consensus estimate of $4.61 by $1.30. Okeanis Eco Tankers had a return on equity of 62.06% and a net margin of 56.92%.The firm had revenue of $268.14 million for the quarter, compared to analysts' expectations of $220.28 million. As a group, analysts forecast that Okeanis Eco Tankers Corp. will post 15.33 EPS for the current fiscal year.

Okeanis Eco Tankers Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Friday, August 14th were given a $5.25 dividend. This represents a $21.00 dividend on an annualized basis and a yield of 25.5%. The ex-dividend date was Friday, August 14th. This is a positive change from Okeanis Eco Tankers's previous quarterly dividend of $2.00. Okeanis Eco Tankers's dividend payout ratio is presently 195.90%.

Insider Activity

In other news, Director Financial Lp Qvt sold 68,420 shares of Okeanis Eco Tankers stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $59.99, for a total value of $4,104,515.80. Following the transaction, the director owned 1,347,038 shares in the company, valued at approximately $80,808,809.62. The trade was a 4.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Institutional Trading of Okeanis Eco Tankers

Several large investors have recently modified their holdings of the business. Fifth Third Bancorp bought a new stake in Okeanis Eco Tankers in the first quarter worth $29,000. Caitong International Asset Management Co. Ltd boosted its position in shares of Okeanis Eco Tankers by 102.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,052 shares of the company's stock valued at $36,000 after buying an additional 532 shares during the last quarter. Royal Bank of Canada raised its holdings in shares of Okeanis Eco Tankers by 29,762.5% during the first quarter. Royal Bank of Canada now owns 2,389 shares of the company's stock valued at $121,000 after purchasing an additional 2,381 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Okeanis Eco Tankers in the second quarter worth approximately $137,000. Finally, NewEdge Advisors LLC purchased a new stake in Okeanis Eco Tankers in the second quarter worth approximately $149,000.

Okeanis Eco Tankers Company Profile

Okeanis Eco Tankers Corp. is a maritime transportation company that owns and operates a fleet of oceangoing tankers. The company primarily transports crude oil and refined petroleum products for energy companies, commodity traders and other commercial customers in international markets.

Its fleet is focused on large, modern and fuel-efficient vessels, including very large crude carriers (VLCCs), Suezmax crude oil tankers and large range 2 (LR2) product tankers. The company emphasizes environmentally efficient vessel designs and operational practices intended to reduce fuel consumption and emissions while serving global seaborne energy trade.

Okeanis Eco Tankers was established in 2018 and became publicly listed on the New York Stock Exchange in 2019 under the symbol ECO.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.